New Delhi, Jan 23 (UNI) Trade between India and ASEAN economies is bound to grow once the tariff reduction scheduling is done, Minister of State for Commerce and Industry CR Chaudhary said on Tuesday.

Speaking at the ASEAN-India Business and Investment Meet here he said bilateral trade in goods has increased with the ASEAN Trade in Goods Agreement (ATIGA).

ASEAN Trade in Goods Agreement (ATIGA) aims to achieve free flow of goods in the region resulting to less trade barriers and deeper economic linkages among Member States.

The event was organised by the Confederation of Indian Industry (CII) in partnership with the Ministry of Commerce, Ministry of External Affairs and the ASEAN Secretariat.

Mr. Chaudhary stated that the Act East Policy was central to India's cooperation with ASEAN and was “strongly driven by trade and economic engagement”.

He also stressed on the importance of improved connectivity and investment in quality infrastructure for achieving higher trade and investment for India.

He added that India is currently working with ASEAN on multiple connectivity projects for land, air and water.

“India and ASEAN are exploring the ASEAN India Maritime Agreement which would eliminate barriers binding maritime transport,” he said.

India has also announced a line of credit worth US$1 billion which would promote greater digital connectivity between ASEAN countries, he added.

Indonesia Minister of Trade Mr. Enggartiasto Lukita while elaborating on the benefits of value chains said that those countries that adjusted and adapted to the supply chain value line emerged as top gainers.

He highlighted the importance of Regional Comprehensive Economic Partnership in terms of market access and market share and its relevance to regional supply chains.

Commerce and Industry Special Secretary Mr Binoy Kumar highlighted connectivity and regional value chains in sectors such as agriculture and minerals .

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